Neutral outlook on EUR from Morgan Stanley.

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According to the analysts from Morgan Stanley EUR/USD will fluctuate in the current range in the near term. “We expect EURUSD to be driven mainly by the USD leg in the short term, supporting some downside as it has broken the April low of 1.1220. We believe the currency will find it difficult to rally significantly with many risk events coming up in June, such as the German Constitutional Court deciding on the legality of the OMT, the UK’s EU referendum and the Spanish elections. In the medium term, EURUSD is likely to be range bound” written in the report.

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